White space ID for Home loan for a leading private Bank

Business Context

Decrypt was tasked with identifying white space for an innovative product along with the messaging that needed to be communicated. The client was looking to launch a home-loan product, and prior to curating their messaging, they wanted to identify the ideal customer profile as well as the positioning white spaces which can attract maximum attention.

Research Approach

Decrypt followed its signature approach to dive deep into the brand and product to understand the intended benefits to consumers. We then identified the overall customer profile to target. Once we had the consumer insight foundation in place for prospect identification, we initiated the process of discovery.

We developed a large-scale questionnaire covering various aspects of the consumer journey for availing the product using a trade-off approach.  The consumer set was then segmented based on the benefits they sought from the product and the journey of need to fulfilment for each set.

Analyzing the collected data as well with the identified needs, usages, behaviors and attitudes of the consumer set we identified the product propensities or the likelihood of each segment to avail the product.

The final step was to measure the size of each segment.

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Deliverables & Client Benefit

Decrypt’s unique approach delivered three distinct outcomes for the client. First, they could identify the existence of an ideal customer set, as well as the behavior, usages, attributes and needs of this ideal customer segment. Decrypt also revealed the market size. Finally through the analysis we were able to also share that budget tools and interest rates were the two aspects of the journey which appealed the most.

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